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Performance Review Processes & Talent Management
Challenges in Small Businesses
We conducted interviews with organziations in the following industries:
With: CEOs(2%), VPs(17%), Directors (31%), Managers (25%), Consultants (16%), Others (9%)
Requirements for a Performance Management System:
When talking with potential customers about what they would look for in a performance review system, we consistently heard the following requirements:
2. Easy to Use, Intuitive
3. Encourages managers to have performance conversations with employees.
Most employees are asked to perform self assessments 95%
Review Cycles and Timing: 34% Cycle based on hire date, 66% Focal review cycle.
60% Performance reviews are done annually
25% Reviews are conducted more than once a year.
15% Do not conduct formal reviews
85% Keep paper copies of the revies.
Performance Review Tools
54%Pen and Paper
23%An automated system provided by their payroll vendor or PEO
22%A Commercial Software
16% Track goals and performance separately
64% Use comptencies in performance reviews
Most track between 3 & 7 competencies
18% Want to have performance appraisals integrated into an HR suite.
44% Prefer best-of-breed systems.
38% No opinion or it depends.
64% or would use Social Performance Management Tools
84% Most reviews determine bonus pays and salary increases.
32% are satisfied with their current review system or approach.
The favorite reporting tool: Microsoft Excel
The 5-Point Rating Scale is the most common system.
Main benefits of frequent performance reviews
More dialogue between managers and employees.
Better tracks the dynamic nature of business
Performance issues are identified faster.
Top benefits of automating performance reviews:
Increase employee engagement
Make better business decisions